The Strategic Partnership with Sports Illustrated Provides 888 with a Platform for Strong U.S. Growth
888 (LSE: 888), one of the world’s leading online betting and gaming companies, and Authentic Brands Group (ABG), a brand development, marketing and entertainment company and owner of the Sports Illustrated brand, today announced an exclusive partnership to develop Sports Illustrated online sports betting and iGaming products in the United States. Leveraging 888’s world-class proprietary and scalable technology, 888 expects to kick off the partnership with the launch of an all-new Sports Illustrated wagering experience later this year branded SI Sportsbook, which is expected to launch in Colorado in the second half of 2021, with other states to follow.
Itai Pazner, CEO, 888 said:
We are delighted to announce this strategic partnership, enabling us to accelerate our investment into the U.S., which represents one of the most exciting long-term growth opportunities for our company. Sports Illustrated is an iconic sports media brand, with high awareness and consumer loyalty. This agreement provides us access to millions of engaged sports fans across the U.S., giving us a high-volume and cost-effective customer acquisition channel, and great content to engage sports fans. We are excited about the potential to deliver our cutting-edge, proprietary sportsbook platform into the market, providing Sports Illustrated fans with a first-class betting and gaming experience.”
Jamie Salter, Founder, Chairman and CEO, ABG added:
We are thrilled to announce that Sports Illustrated is entering the online sports betting and iGaming space. Sports wagering represents a large and high-growth market, allowing us to diversify the brand’s revenue streams and engage directly with our sports consumers, broadening the reach of the brand. 888 is one of the leaders in online betting and gaming globally and has outstanding technology, products and marketing capabilities, and we are excited to partner with them to offer an innovative product experience for sports fans.”
Under the commercial agreement, ABG will grant to 888 an exclusive license for the use of the Sports Illustrated brand and trademarks for online sports betting and iGaming, and certain exclusive advertising and editorial integration rights on select Sports Illustrated branded digital assets. As part of the transaction, ABG will receive certain brand license and affiliate fees, and a minority passive interest in the 888 group company ("the company") holding certain of its U.S. licensed B2C activity. In addition, during the term of the commercial agreement, 888 has agreed to a minimum annual advertising commitment on certain ABG media assets.
Stifel acted as financial advisor and Herzog, Fox & Neeman and Latham & Watkins LLP acted as legal advisors to 888. Moelis & Company LLC acted as exclusive financial advisor and Fox Rothschild LLP acted as legal advisor to ABG.
888 will host an analyst and investor call today, Thursday 24 June 2021, at 16:45pm (BST) / 11:45am (ET). Participants may join via audio webcast: https://brrmedia.news/x5v6qm
A replay will be available on 888’s website shortly after: https://corporate.888.com/investor-centre
